The Korean government announces more flexible legislation than expected.

The news is going well this week: After the announcement of  Facebook, and the conclusions on the strong rise of Hashrate, it is the Koreans who take the center stage announcing a relief of the legislation.

The FSC, the Financial Services Commission, recently announced that it is strengthening its policy of controlling cryptocurrency platforms, and more specifically their users, to combat money laundering.


A strict but open policy

Korea still considers cryptocurrencies as risky assets. As such, the government, and especially the FSC do not expect to go back on their policy of user control. Nevertheless, the steps will be done in full collaboration with banks, and exchange platforms to not slow down the industry while allowing to strengthen user control policies.

The government is, therefore, taking a big step towards cryptocurrency. A few months ago, the Koreans were talking about banning cryptocurrencies permanently.

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Korea a carrier country for cryptocurrencies

South Korea accounts for nearly 20% of global cryptocurrency trade and is one of the countries where cryptocurrencies have the best integration rate. With nearly 2 million investors, it is a major player that has a great influence on the price of cryptocurrencies. In December, the ban did a lot of damage, and participated, to a lesser extent, in the correction of the last months.

This turnaround seems promising, and if it does not have a positive impact in the short term, it could be very relevant for long-term adoption.

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